Co-operative credit society deduction on bank deposit interest upheld where funds were business funds and income remained attributable to member credi...
Transfer pricing benchmarking and receivables adjustments remanded: segmental financials need proper scrutiny, and foreign-currency interest must trac...
Reopening of assessment under the reformed reassessment procedure is impermissible once an assessment order has been passed; the note explains that where prior proceedings under the old regime did not result in an assessment order, a fresh notice within the statutory limitation window may be issued in line with recent higher-court guidance, but once an assessment order exists there is no scope to issue a fresh reopening notice or reopen the assessment under the substituted procedure. The piece contrasts the pre-reform practice permitting returns after notice with the effect of the new regime and concludes finality of completed assessments.
Reopening of assessment under the reformed reassessment procedure is impermissible once an assessment order has been passed; the note explains that where prior proceedings under the old regime did not result in an assessment order, a fresh notice within the statutory limitation window may be issued in line with recent higher-court guidance, but once an assessment order exists there is no scope to issue a fresh reopening notice or reopen the assessment under the substituted procedure. The piece contrasts the pre-reform practice permitting returns after notice with the effect of the new regime and concludes finality of completed assessments.
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